讲座题目：The Effect of Carbon Pricing on Firm Performance: Worldwide Evidence（碳定价对企业业绩的影响）

主 讲 人：段廷桦

讲座时间：2024年7月4日（周四）15:30-17:00

讲座地点：劝学楼501会议室

主办单位：bet365中国app

主讲人简介：

段廷桦，法国EDHEC商学院副教授（2024年9月起），2018年9月至2024年8月任教于法国IESEG商学院，2018年毕业于英国爱丁堡大学，获金融学博士学位，纽约大学斯特恩商学院访问学者，主要研究方向：气候金融、ESG和公司金融。曾在Journal of Financial and Quantitative Analysis、Journal of Corporate Finance,Journal of Empirical Finance等金融期刊发表多篇关于气候金融、企业碳风险定价等主题的论文，并教授公司金融、公司治理、金融实证分析等本科、研究生课程。 

报告摘要：

Economists recommend combating climate change with carbon pricing; however, a major block to pricing emissions is concern about the economic costs. This paper examines the impacts of carbon pricing initiatives on the operating performance and market value of publicly listed firms around the world. Using staggered enactment of carbon pricing initiatives across jurisdictions and a triple difference approach, we find a significant reduction in the profitability and value of carbon-intensive firms relative to low-emission firms after the enactment of carbon pricing policies. The reduction in firm profits is driven by both a decrease in sales growth and an increase in operating costs. The reduction in firm value is driven by both an increase in the cost of capital and a decrease in expected future cash flows. Carbon-intensive firms also cut investments and lay off employees more, and hold more cash, indicating tightened financial constraints. Cross-country analyses show a stronger effect for firms headquartered in North America and in countries that rely more on fossil fuel energy. Overall, our findings uncover the large distributional impacts of carbon pricing policies on individual firms and complement prior studies documenting an insignificant effect on the macroeconomy.

撰稿：班伟       审核：谷宏伟      单位：bet365中国app